

Money Maze Podcast
Money Maze Podcast
The world of finance has a huge impact on all of us. This show aims to explore and unravel some of the mysteries surrounding the investing business, via interviews with masters of the real life money maze.
Expect tips for mastering capital allocation, making better business decisions, strategies for taking your career to the next level, and revelatory profiles of leading industry figures.
Whether you're a current or aspiring investment professional, a regular investor, or a student exploring career options, we hope you gain some helpful insights and enjoy the shows. Thank you for listening!
Visit our website to learn more & access further content: moneymazepodcast.com
Expect tips for mastering capital allocation, making better business decisions, strategies for taking your career to the next level, and revelatory profiles of leading industry figures.
Whether you're a current or aspiring investment professional, a regular investor, or a student exploring career options, we hope you gain some helpful insights and enjoy the shows. Thank you for listening!
Visit our website to learn more & access further content: moneymazepodcast.com
Episodes
Mentioned books

Jan 27, 2022 • 49min
55: US Equities: Overvalued and Over-Allocated? With C.T. Fitzpatrick, Founder and CEO of Vulcan Value Partners
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In this conversation, Vulcan’s C.T. Fitzpatrick explains the skills he acquired during 17 years at South Eastern Asset Management before founding Vulcan Value Partners in 2007. Today the firm manages approximately $20 billion, with a team of 64, all based in Birmingham, Alabama.
He explains his approach to identifying and defining “high quality businesses”, the margin of safety he seeks, the goal of avoiding permanent capital loss and the investment similarities and differences with Warren Buffett.
He talks about constructing a portfolio of between 20-40 companies and the moat he requires in his investment companies. He discusses his aversion to the wrong types of corporate debt, why he avoids macro judgements, the importance of temperament and discipline in investing, and why he is optimistic about the investment opportunities in his universe.

Jan 13, 2022 • 54min
54: Willis Towers Watson: Adviser on over $2.6 trillion of assets. A conversation with Luba Nikulina, Managing Director and Global Head of Research at WTW
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In today’s conversation Luba Nikulina talks about an upbringing that began in Lithuania, then part of the USSR, and her route to joining Willis Towers Watson (WTW), the leading global advisory firm with 45,000 employees globally, and where she has spent the last 17 years.
The discussion begins with WTW’s investment approach, a perspective on how strategic and tactical asset allocation have evolved and why Luba believes it is increasingly helpful to think more in terms of allocating risks, than portfolio construction via the rear-view mirror.
She explains why she feels strongly in the case for more active and less passive, smart beta, the Net Zero Asset Managers Initiative, the process around identifying and selecting managers, and their increasing focus and preference for a team as opposed to star manager approach when selecting investment managers to partner with.
She talks about why it is increasingly accepted that investors should not allow the use of external carbon offsets as a significant long-term strategy for decarbonisation, the relevance of neurodiversity, and her perspectives on the future landscape of the investment management industry. Finally she makes the recommendation that senior employees and corporate leaders should think about the value of taking a non-executive position whilst they still are fully engaged in their job instead of waiting until they leave.

Jan 6, 2022 • 42min
53: To Allocate or Not To Allocate? Investing in China in 2022 - Roundtable Special
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In a first for the Money Maze Podcast, this episode brings together the perspectives of 3 China experts to discuss the economy, public equities and private assets.
The three guests are Chingxiao Shao, CEO of Red Gate Asset Management, Ron Cao, Founder & Managing Partner of Sky9 Capital, and Chi Lo, Senior Economist at BNP Paribas.
The objective in this podcast is to explore the investment opportunities available in public and private markets after a year in which rising political tensions and government interventions have brought about a sharp bear market.
The conversation begins with a review in which it is clear that the Chinese central bank has not resorted to debt monetisation on the scale of the Fed, whilst China still enjoys huge trade surpluses, unlike the US with its large deficits. We discuss the implications of this for Chinese fixed income products and the currency.
We then move to questions about the importance of the private sector to the Chinese economy and examine whether new regulations which have led to sharp declines in headline names and sectors suggest anything more insidious.
From there, Ching discusses the opportunities in public equities, Ron covers VC and Chi provides context and warns of the dangers of viewing Chinese assets through an exclusively Western lens.
The discussion reviews the very large buybacks seen in Hong Kong by many corporates and their owners, the valuations and opportunities, as well as fault lines and red lines that Ron, Ching and Chi believe are important.
Finally, we discuss whether Chinese assets may actually offer country diversification, given their evolution and the different current monetary stance.

Dec 9, 2021 • 52min
52: Peter Frankopan, Head of Global History at Oxford University, Author of ‘Silk Roads’, Lecturer, Commentator and Global Thinker
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Our latest guest has been described as one of the ‘World’s Top 50 Thinkers’, is a Sunday Times bestselling author for his epic work ‘Silk Roads: A New History of the World’, is responsible for the prophetic article in December 2019 where he predicted a pandemic’s likely arrival, and has managed all this around his day job as the Professor of Global History at Oxford University. In this fast-paced, far-reaching conversation, Peter demonstrates his terrific understanding of both the past and present, offering his perspectives about the future of our world. The discussion begins with his reflections on this pandemic, then moves to what we can learn from looking at the world’s changing order through a wider lens. He weighs the competing forces of a rising China, the West jockeying for position, the continuing role of religion and Russia’s dealing with “a weak hand”. He offers his perspective and some optimism in light the abundant worries of military conflict in Taiwan, as well as the ongoing China/US spats. He also speaks about the role of education in driving growth, and where he believes some of the more compelling investment opportunities lie. Finally Peter offers some great advice to us all about learning and the necessity of grit!

Nov 25, 2021 • 44min
51: $550 Billion and 50 Years of Advice: Cambridge Associates' Long Term Approach, With Annachiara Marcandalli
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In an industry where size is often a boast, there are few powerhouses with great credentials and a low profile. Founded in the US in 1973, Cambridge Associates (CA) was established to provide investment research and advice to a group of major US university endowments.
Fifty years later, with over $550 billion of assets under advisement and 11 offices around the world, CA helps its investors customise portfolios.
In this conversation, Annachiara Marcandalli, CA’s European Head of Sustainability and Impact Investing, as well as Partner at the firm, addresses their approach to customising portfolios.
She explains why it’s their belief that successful investing is incremental, not transformational. She discusses their search to identify managers’ economic incentives and alignment, before addressing the style drift, and why value and growth may cease to be relevant terms in the future.
She speaks of the challenge presented by the rush into impact and sustainable investing - separating the “surfers” from the “serious” - and why ESG engagement matters.
Finally she speaks of liquidity around private assets, how they address crypto investing and the dangers of excessive reliance on financial modelling (as opposed to building resilience into portfolio construction).

Nov 11, 2021 • 54min
50: Venture Capital: From Niche to Mainstream. With Hunter Somerville, Partner at Stepstone Group
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Some of the most successful companies financed via venture capital are now household names - Facebook, Uber, Twitter, Airbnb, & PayPal.
Venture capital has moved from niche to mainstream for institutional investors, and in Q2 2021 alone VC investment hit a new record high of $157.1 billion.
In today’s conversation we are delighted to welcome Hunter Somerville, VC heavyweight, formerly General Partner at Greenspring, and now post-merger, Partner at Stepstone.
In this episode Hunter describes his career to date and his world of venture capital & growth equity. He describes the wider adoption of venture capital as an asset class, how allocations are increasing and the nature of long term returns. He describes his key responsibilities, which involve sourcing venture funds of all stages, examining early and growth stage companies, as well as finding secondary opportunities.
He then explains why companies are staying private for much longer than in previous decades, StepStone’s competitive advantage, geographic and sector preferences, valuations, risks and opportunities in the sector.
Finally, Hunter comments on the characteristics they seek in their venture capital managers, why length of relationships is a key competitive advantage and why the surge in VC investing is unlikely to prove a passing phenomenon.
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Nov 4, 2021 • 39min
Sir Ronald Cohen: From Venture Capital and Private Equity to Impact Investing: A Conversation with the Man Who Leads The Charge! [REPLAY]
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In light of the ongoing COP26 UN Climate Change Conference in Glasgow, we're re-releasing our episode featuring Sir Ronald Cohen. Sir Ronald is the Co-Founder of Apax Partners and is widely referred to as the 'father of social investment' (as well as being a key figure in shaping British venture capital). His 2020 book, 'Impact: Reshaping Capitalism to Drive Real Change', was a Sunday Times Bestseller and shortlisted in the Financial Times' 'Best Economics Books of 2020' rankings.
Sir Ronald Cohen’s extraordinary story begins in Egypt in 1956 where the Suez crisis has taken place and Egyptian nationalism is on the rise, forcing his family to leave everything and flee to England, not even speaking the language.
Armed only with ambition and hope and hard work, he gets into grammar school, wins a scholarship to Oxford, then to Harvard Business school and moves on to build one of the largest venture capital firms in the world, Apax. Over the last 20 years, he has been invited to advise governments, chaired the G8 task force for impact investment, helping drive the revolution to rethink the way we invest. Along the way he has authored 3 books, the most recent being 'Impact: Reshaping Capitalism to Drive Real Change'. He has sat on the University of Oxford Investment Committee, been a member of the Board of Dean’s Advisors at Harvard Business School and Vice-Chairman of Ben Gurion University.
He talks about the opportunities created by attending Oxford and Harvard, his journey to help create the UK Venture Capital industry, co-founding Apax, and the role private equity plays in developed economies, including discussing some of its perceived drawbacks. The conversation moves to entrepreneurship, and his first book, 'The Second Bounce of the Ball – Turning Risk into Opportunity' and the critical role job-creation will play in the post-COVID landscape. This leads to his thoughts on the profound importance Impact Investing must and will play, and its essential role in the evolution of capitalism.
Specifically he discusses the need to have company accounts properly measure impact and how this sub-sector of the investment management industry is accelerating, as evidenced by the growth of the Social Impact Bond (SIB) and Harvard’s impact-weighted accounts. The conversation moves on to discuss how and what Governments should do, the evolution of philanthropy in this environment, and advice for young people thinking about careers, and finally his perspectives on an extraordinary journey.
Interview originally recorded in September 2020.
Want to meet some of our past show guests and join the Money Maze Podcast community? The Money Maze Corporate Partnership Programme is now live!
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Oct 28, 2021 • 49min
49: The $40 Billion Outsourced Investment Office - With Arjun Raghavan, CEO of Partners Capital
From zero to $40 billion in 20 years is growth we usually associate with tech startups. When it happens to a firm in the world of asset management, it is all the more remarkable. Dubbed originally as ‘the money manager to the money managers’, today Partners Capital is an outsourced investment office acting for endowments, foundations and ultra-high-net-worth families. In this conversation Arjun describes his education in India, journey to management consulting and his MBA at INSEAD, then working in a hedge fund before moving to Partners Capital. Arjun describes the evolution of the endowment model first adopted by David Swensen at Yale, by analysing asset classes, risk premia, liquidity and the hunt for great managers.
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He discusses their assessment of high fees for seeking alpha, how they seek out opportunities at asset class and manager level, and their work on discovering “alternative alternatives”. He responds to criticisms that endowments on average have not beaten the classic 65/35 equity/debt model and of the challenges ahead. Finally Arjun speaks of the two ‘mega trends’ (sustainable investing and investment capital moving to Asia) in an interview that delves into the Partners Capital investment process.

Oct 21, 2021 • 43min
48: Life at the Investment Helm of a £700 Billion Asset Management Giant - With Johanna Kyrklund, CIO of Schroders
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Confronted with a kaleidoscope of challenges and shifting allocations brought about by years of QE and zero rates, along with a rise in inflation that may prove more permanent than central bankers wish, not to mention rising geopolitical tensions, asset allocators are likely to have their work cut out in coming years.
In this episode we have the opportunity to talk to Johanna Kyrklund, Schroders’ Group Chief Investment Officer & Global Head of Multi-Asset. Schroders today is one of the UK’s largest investment managers, responsible for circa £700 billion of clients’ assets.
In this conversation Johanna discusses allocating assets in today’s environment, from fixed income, to equities through to alternatives.
Johanna talks about dispersion in valuations, the active versus passive debate and her thoughts on adjusting portfolios to confront the more inflationary environment. She discusses gold and crypto, along with having your voice heard as an active investor engaging with managements. Also covered is her thoughts on the importance of active ownership when it comes to ESG and integrating sustainability into portfolios.
She discusses why the investment process has its greatest value at times of market stress, why listening to clients helps the search for solutions and how she, as an initially shy graduate, has overcome self-doubt to rise to such a prominent position. She concludes with some valuable comments about women in the workplace.
Want to meet some of our past show guests and join the Money Maze Podcast community? The Money Maze Corporate Partnership Programme is now live!

Sep 30, 2021 • 53min
47: Trillions: Who should invest passively and why? With Robin Wigglesworth, Financial Times’ Global Finance Correspondent
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Over the past decade, about 80 cents of every dollar that has gone into the US investment industry has ended up at Vanguard, State Street, and BlackRock. As a result, the combined stake in S&P 500 companies held by the Big Three has quadrupled, from about 5 percent in 1998 to north of 20 percent today.
Those lines are from a new book - Trillions- Why Passive investing beats Active written by our guest today, Robin Wigglesworth, the Financial Times Global Finance correspondent
In this conversation, Robin explains the forces that drove the creation of the passive investing industry, the key architects and the roles they played, how he shows that passive beats active in developed markets over time, but the controversy and dangers emerging from this financial tsunami and where we might be going.
Robin brings to life the determination of men like Jack Bogle (Vanguard) who championed passive investing “The math will never let you down”, to Paul Samuelson, William Sharpe and Warren Buffet, who has long argued the merits of passive investing in the S&P 500.
Robin concludes - The exact statistics vary between countries and types of market that they invest in, but roughly speaking, only 10 to 20 percent of active funds beat their benchmarks over any rolling ten- year period. In other words, investing is a rare walk in life where it generally pays to be lazy and choose a cheap passive fund.
This Episodes Themes and Collaborations Learn more about Robin Wigglesworth, the Financial Times' Global Finance Correspondent. Jack Bogle transformed the investment management industry. Bogle was a crusader for individual investors, working to bring the interests of asset managers in line with those of their investment clients. Delve into why Paul Singer thinks index funds are devouring Capitalism. A piece in which Robin agrees with Warren Buffetts’ unconventional views on ESG Investing. Recommended reading, by Robin Wigglesworth: Trillions- Why Passive Investing Beats Active Relevant to Robin Wigglesworth talking about the most fertile ground for active management is the emerging markets episode with Dr Christina McGuire. The Money Maze Podcast is going on its second programme of ambassadors and if you know of any students or young working adults interesting in applying please forward them this website link. Hopefully we can keep you entertained and loving the show but to ensure this happens in the future, please would you do this survey to let us know your thoughts and feedback.
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